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☆ World stocks head back towards 2-year lows as mood sours
▼ + stars: | 2022-10-11 | by ( Dhara Ranasinghe | ) www.reuters.com time to read: +4 min

There was a modest respite for Britain's battered bond market after the Bank of England said it would start purchasing inflation-linked debt. And MSCI's world stock index was down 0.5% -- moving back towards roughly two-year lows hit last week (.MIWD00000PUS). Emerging market stocks hit their lowest level since April 2020 and are on track for a near-30% tumble year-to-date, its worst year since the 2008 global financial crisis. GILT RESPITEBritish government bond or gilt yields edged lower, having soared on Monday, following the BoE's latest efforts to shore up the battered bond market. The Aussie dollar fell to a 2-1/2-year low of around $0.6248 and the kiwi dollar hit a low of $0.5536.

☆ War and prospect of rate hikes hoist dollar, gilt wipeout hits Treasuries
▼ + stars: | 2022-10-11 | by ( Selena Li | ) www.reuters.com time to read: +3 min

"Sentiment has also not been helped by a big core global bond sell off led by UK gilts, notwithstanding a flurry of announcements designed to calm UK debt markets," he added. Treasury yields jumped when trading resumed after Monday's U.S. holiday, with 30-year yields up 11 basis points to an almost nine-year high of 3.956%. That outlook is giving dollar bulls another run and has the greenback drifting toward the milestone highs it scaled last month. The Aussie made a 2-1/2 year low of $0.6260 in the Asia session and the kiwi a low of $0.5541. The Japanese yen , at 145.75 per dollar, was within a few pips of the level that prompted official support a couple of weeks ago.

HONG KONG, Oct 11 (Reuters Breakingviews) - Washington's sweeping technology curbs on China today will have ripple effects across global supply chains tomorrow. But the ban may prompt Chinese chipmakers to hasten their progress in the commoditised parts of the market, embedding firms like Semiconductor Manufacturing International (0981.HK) in global supply chains. The measures mark a huge escalation in President Joe Biden's efforts to hobble Beijing's chip advances. Essentially, any company that uses American equipment will be restricted from selling relatively high-tech semiconductors or tools to Chinese firms. And because nearly every factory relies on crucial hardware and software from U.S. suppliers like Lam Research (LRCX.O) and Applied Materials (AMAT.O), the latest move potentially sets back Chinese chipmakers by years, if not decades.

☆ What Cramer is watching Tuesday — chip troubles, Apple estimate raises, Disney price target cut
▼ + stars: | 2022-10-11 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

KeyBanc keeps overweight (buy) rating and $185-per-share price target. Barclays raises Apple hardware revenue estimate, driven by a "slight iPhone upside and much better MacBooks," offsetting weakness in services; lowers price target to $155 per share from $169 but keeps equal weight (hold) rating. Wedbush starts beer, wine and spirits company Constellation Brands (STZ) with an outperform (buy) rating and a $275-per-share price target. Chemical company Westlake (WLK) price-target cut to $105 per share from $112 at Barclays, which keeps neutral (hold) rating. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Exclusive: KLA to stop sales and service to China to comply with U.S. export curbs
▼ + stars: | 2022-10-11 | by ( Josh Horwitz | ) www.reuters.com time to read: +4 min

The move underscores huge business headwinds facing chipmakers and chip equipment makers around the world, as the Biden administration published a sweeping set of export controls on Friday aimed at slowing China's progress in advanced chip manufacturing. The source added that the company would also cease supplying China chip plants owned by Intel (INTC.O) and SK Hynix, the world's second-largest memory chipmaker. SK Hynix reiterated its stance that it would seek a license under new U.S. export control rules for equipment to keep operating its factories in China. Another source at an overseas chip equipment company told Reuters that all of the major suppliers to fabs were working round-the-clock to assess the long-term impact of the regulations. Shares in KLA tumbled nearly 5% on Monday, hit by the latest U.S. export control measures.

☆ Nasdaq registers lowest close since July 2020; chips stocks fall
▼ + stars: | 2022-10-10 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

People are worried about a possible recession," said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. Analyst now expect year-over-year earnings for S&P 500 companies to have risen 4.1% in the quarter, compared with an increase of 11.1% expected at the beginning of July, according to IBES data from Refinitiv. S&P 500 technology (.SPLRCT) led sector declines along with energy (.SPNY). Declining issues outnumbered advancing ones on the NYSE by a 2.43-to-1 ratio; on Nasdaq, a 1.79-to-1 ratio favored decliners. The S&P 500 posted 1 new 52-week highs and 73 new lows; the Nasdaq Composite recorded 58 new highs and 461 new lows.

☆ Morning Bid: The song remains the same
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +2 min

Russia's bombing of Kyiv and other Ukrainian cities on Monday darkened what was already a pretty bleak mood across world markets, and investors will be hoping something somewhere eases the selling pressure on Tuesday. Register now for FREE unlimited access to Reuters.com RegisterUnfortunately, nothing obvious jumps out. Asian assets suffered more - the MSCI Asia ex-Japan equity index fell 2%, and several currencies in the region weakened sharply. The Biden administration's proposals include measures to cut off China from certain semiconductors made anywhere in the world with U.S. equipment. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Wall Street falls with tech shares, investors assess rate outlook
▼ + stars: | 2022-10-10 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

read moreRegister now for FREE unlimited access to Reuters.com Register"People are worried about the economy. People are worried about a possible recession," said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. The U.S. third-quarter earnings season is set to kick off on Friday, with results from some of the major banks. The Dow Jones Industrial Average (.DJI) fell 41.55 points, or 0.14%, to 29,255.24, the S&P 500 (.SPX) lost 23.05 points, or 0.63%, to 3,616.61 and the Nasdaq Composite (.IXIC) dropped 95.65 points, or 0.9%, to 10,556.75. Investors also awaited inflation reports through the week, including consumer prices data, which is expected to have likely risen last month.

Register now for FREE unlimited access to Reuters.com RegisterMajor U.S. banks are set to kick off the third-quarter earnings season in earnest on Friday, amid anxiety about the impact of inflationary pressures, rising interest rates and geopolitical uncertainties on their profit. Chicago Fed President Charles Evans on Monday joined the chorus of other central bankers backing the Fed's attempt to lower inflation without a sharp rise in unemployment even as it continues raising interest rates. read more read moreAt 9:53 a.m. Tech behemoths Apple Inc (AAPL.O) and Microsoft Corp (MSFT.O) fell 0.9% and 1.5%, respectively, weighing down the S&P 500 technology sector index (.SPLRCT). The S&P index recorded one new 52-week high and 22 new lows, while the Nasdaq recorded 33 new highs and 200 new lows.

☆ Morning Bid: Dollar feeds on stress
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +3 min

And as a fourth 75 basis-point Fed rate hike is now fully priced yet again, the dollar's DXY index climbed again - and traders started to eye year-end trading stress too. read more read moreWith last week's warning from Advanced Micro Devices (AMD.O) and Micron Technology (MU.O) ringing in the ears, the chip sector shivered into the new week. The measures could amount to the biggest shift in U.S. policy on exporting technology to China since the 1990s. Returning after a week of closures, the broad Shanghai stock index was down 1.6%, Hong Kong was down almost 3% and the offshore yuan weakened against the dollar. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ 'Collapsing PC demand' keeps Intel, AMD rated only neutral, Citi says
▼ + stars: | 2022-10-10 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Tumbling demand for personal computers is hurting Intel and Advanced Micro Devices , with further declines on the horizon, Citigroup said. "We maintain our Neutral ratings on Intel and AMD as we believe there is more downside to the consensus estimates given collapsing PC demand," he said in a note to clients. Shipments of notebook computers were up 12% in September compared to the prior month – below Citi's expectation of 23%. Shipments were up 3% in the third quarter compared to the second, again coming in below Citi's forecast of 7%. But in some instances, including computers, demand is still higher than pre-pandemic.

☆ China tech shares sink as U.S. export curbs raise chip sector hurdles
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +7 min

The most immediate impact is likely to be felt by Chinese chipmakers, they said. The new regulations will now pose major hurdles for the two Chinese memory chipmakers, analysts said. A steep decline in tech shares led China's market down on its first post-Golden Week holiday trading on Monday. An index measuring China's semiconductor firms (.CSIH30184) tumbled nearly 7%, and Shanghai's tech-focused board STAR Market (.STAR50) declined 4.5%. SMIC dropped 4%, chip equipment maker NAURA Technology Group Co (002371.SZ) sank 10% by the daily limit, and Hua Hong Semiconductor plunged 9.5%.

☆ Chinese regulator gives greenlight to fund targeting Korean chipmakers
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Oct 10 (Reuters) - China's securities regulator has given the greenlight to the country's first mutual fund targeting top Chinese and South Korean chipmakers, an official at Huatai-PineBridge Fund Management Co said, amid an escalating Sino-U.S. tech war. The China Securities Regulatory Commission's approval comes amid heightened geopolitical tensions between the world's two largest economies. The exchange-traded fund (ETF) will invest in top Korean semiconductor firms including Samsung Electronics Co (005930.KS) and SK Hynix Inc (000660.KS), as well as Chinese chipmaking giants such as Semiconductor Manufacturing International Corp and Montage Technology Co (688008.SS). In 2021, South Korea was China's second-biggest exporting country in equipments, including chipmaking tools, and Chinese exports to South Korea have also been rising, the fund manager said. South Korea said on Saturday there would be no significant disruption to equipment supply for Samsung and SK Hynix's existing chip production in China from the U.S. move.

☆ Chinese chip stocks tumble after U.S. calls for new curbs on high-end tech
▼ + stars: | 2022-10-10 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Future Publishing | Future Publishing | Getty ImagesBEIJING — Chinese chip stocks fell Monday after the U.S. announced new export controls aimed at limiting Beijing's ability to produce advanced military systems. The rules, effective this month, expand on prior U.S. attempts to crimp Chinese companies' access to key tech. Chinese chips stocks tumbleChina's largest chipmaker, Semiconductor Manufacturing International Corporation, traded 3% lower Monday afternoon in Hong Kong, amid a broader market sell-off. "It will not only harm Chinese companies' legitimate rights and interests, but also hurt the interests of U.S. The U.S. government previously put Chinese companies Huawei and SMIC on a blacklist that requires suppliers to obtain a license before selling to them.

☆ U.S. aims to hobble China’s chip industry with sweeping new export rules
▼ + stars: | 2022-10-07 | by ( ) www.nbcnews.com time to read: +4 min

The raft of measures could amount to the biggest shift in U.S. policy toward shipping technology to China since the 1990s. If effective, they could set China’s chip manufacturing industry back years by forcing American and foreign companies that use U.S. technology to cut off support for some of China’s leading factories and chip designers. On Friday, the Biden administration applied the expanded restrictions to China’s IFLYTEK, Dahua Technology, and Megvii Technology, companies added to the entity list in 2019 over allegations they aided Beijing in the suppression of its Uigher minority group. The “unverified list” is a potential stepping stone to tougher economic blacklists, but companies that comply with U.S. inspection rules can come off the list. On Friday, U.S. officials removed nine such firms, including China’s Wuxi Biologics, which makes ingredients for AstraZeneca’s Covid-19 vaccine.

LONDON, Oct 7 (Reuters Breakingviews) - For Masayoshi Son the biggest question is not where to list Arm, but when. Son is leaning towards listing Arm in the United States, home of big tech companies like Apple (AAPL.O) and Tesla (TSLA.O). One option would be for Arm to list in London while offering American Depositary Receipts to U.S. investors. Take a selection of U.S. and European chip companies which play different roles across the supply chain: Nvidia, Advanced Micro Devices , Intel (INTC.O), Rambus (RMBS.O) and ASML (ASML.AS). Son said there were also requests to list Arm in London without elaborating on where they came from.

The raft of measures could amount to the biggest shift in U.S. policy toward shipping technology to China since the 1990s. If effective, they could hobble China's chip manufacturing industry by forcing American and foreign companies that use U.S. technology to cut off support for some of China's leading factories and chip designers. The rules published on Friday also block shipments of a broad array of chips for use in Chinese supercomputing systems. "The U.S. should stop the wrongdoings immediately and give fair treatment to companies from all over the world, including Chinese companies." On Saturday, China's foreign ministry spokesperson Mao Ning called the move an abuse of trade measures designed to reinforce the United States' "technological hegemony".

☆ AMD revenue warning signals deep chip slump; shares dive 4%
▼ + stars: | 2022-10-06 | by ( ) edition.cnn.com time to read: +2 min

Chipmaker Advanced Micro Devices Inc on Thursday provided third-quarter revenue estimates that were about a billion dollars less than previously forecast, signaling the chip slump could be much worse than expected. AMD shares dropped 4% in after hours trading, dragging down shares of Nvidia Corp and Intel Corp by over 2%. The company said it expects third-quarter revenue of about $5.6 billion. AMD is the latest chipmaker to be hit by the sector’s slump. Nvidia Corp and Intel Corp both delivered much worse than expected earnings in their latest reports.

☆ Wall Street analysts’ favorite stocks for the fourth quarter include a casino name that could double
▼ + stars: | 2022-10-01 | by ( Fred Imbert | ) www.cnbc.com time to read: +4 min

The fourth quarter is finally here, much to the relief of many investors who took a beating in the previous three-month period. Stocks were battered last quarter as the Federal Reserve doubled down on its aggressive monetary policy stance to fight persistently high inflation. Wall Street analysts are to here to help, recommending several stocks that could do well going forward. On top of that, 75% of analysts covering the stock rate it as a buy, FactSet data shows. Both stocks have buy ratings from nearly two-thirds of analysts covering them.

read more read moreAmong the 11 S&P 500 sector indexes, technology (.SPLRCT) was the sole decliner, down 1.2%. read moreEli Lilly & Co , which is also developing an Alzheimer's drug, rose 7.7% and was the biggest boost to the S&P 500 index. In the previous session, Wall Street's main indexes sank deeper into a bear market, with the S&P 500 recording its lowest close in almost two years on rate hike worries. read moreAdvancing issues outnumbered decliners by a 3.55-to-1 ratio on the NYSE and by a 2.45-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and 29 new lows, while the Nasdaq recorded 16 new highs and 140 new lows.

☆ Apple worsens selloff in beleaguered growth stocks
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

Sept 28 (Reuters) - Apple Inc shares (AAPL.O) fell 4% in premarket trading on Wednesday and piled pressure on other growth stocks following a report that the tech giant was dropping its plans to boost production of the latest model of its flagship iPhone. Register now for FREE unlimited access to Reuters.com RegisterOther growth stocks including Microsoft Corp , Amazon.com , Google-parent Alphabet and Tesla Inc (TSLA.O) fell between 1.5% and 3% on the news. "Apple is not immune to that and it's probably symptomatic of what's happening across many different companies right now." The rate-sensitive growth stocks have taken a beating this year on the U.S. Federal Reserve's rapid pace of interest rate hikes. The S&P 500 growth index (.IGX) has shed 29% this year, compared with a 17% slide in its value (.IVX) counterpart.

☆ Gautam Adani: Asia's richest man sees growing isolation for China
▼ + stars: | 2022-09-27 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

New Delhi CNN Business —Indian billionaire Gautam Adani says that China “will feel increasingly isolated” and the “foremost champion of globalization” would find it hard to bounce back from a period of economic weakness. Speaking at a conference in Singapore on Tuesday, Adani said “increasing nationalism, supply chain risk mitigation, and technology restrictions,” as well as resistance to Beijing’s huge Belt and Road initiative, would impact China’s global role. The US government ordered two of America’s top chipmakers to stop selling high-performance chips to China earlier this month. And, last week, leaders of America’s biggest banks said they could exit China if it ever attacks Taiwan. Adani also mentioned the challenges facing the United Kingdom, and countries in the European Union, because of the war in Ukraine and Brexit.

The Intel Corporation logo is seen at a temporary office during the World Economic Forum 2022 (WEF) in the Alpine resort of Davos, Switzerland May 25, 2022. A spokesperson for Intel did not comment as negotiations are ongoing and confidential. Among other reasons, the site is well connected with Germany and in particular with the city of Magdeburg, where Intel will build two factories, one of the sources added. Intel and the government had also initially considered sites in the Lombardy, Apulia and Sicily regions. The sources declined to provide further details, but Reuters has previously reported that Rome is ready to fund as much as 40% of Intel's total investment in Italy.

☆ 'India has a big role to play': New Delhi is trying to turn the country into a chip powerhouse
▼ + stars: | 2022-09-26 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +5 min

Foundries are facilities that manufacture chips that other companies design. So there aren't many giant Indian chip firms and certainly no leading-edge manufacturing companies. "I have no doubt that India has a big role to play," Kotasthane said. Semiconductor design requires large numbers of skilled engineers and this is where India's strength lies," he added. So now, the next step is the effort to build an ecosystem where there is some Indian IP (intellectual property) by Indian companies," Kotasthane said.

NavIC (Navigation with Indian Constellation) and GPS (Global Positioning System) logos are seen in this illustration taken, September 25, 2022. In line with Prime Minister Narendra Modi's drive for self-reliance, India has over the years expanded the use of its regional navigation satellite system called NavIC (Navigation with Indian Constellation). Global Positioning System (GPS), and says NavIC provides more accurate domestic navigation and that its use would benefit the economy. India's IT ministry and the space agency ISRO that are both involved in the project also did not respond. India would not be the first country to push smartphone makers to add support for a native navigation system.

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